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August 30, 2007
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A time capsule of the greatest financial mania in the history of mankind, told in real-time by regular folks and patriots. May future generations better understand the madness of crowds, and how power and money corrupt.
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48 comments:
Ron Paul!
GOP Reeling From Money and Sex Scandals
When it comes to scandal, Democrats could be forgiven for thinking they hit the political jackpot this summer. At Republican expense.
First came the disclosure that Louisiana Sen. David Vitter's telephone number was listed in the records of an escort service.
Then Sen. Ted Stevens' home in Alaska was raided by federal agents as part of a corruption investigation.
Now Sen. Larry Craig of Idaho is recanting a guilty plea that grew out of a police undercover operation in an airport men's room, adding, "I am not gay" for emphasis.
"This is a serious matter," said the Senate Republican leadership, an understatement for the ages.
No doubt, none of this has been good for what some Republicans like to call "the brand."
D) ANTI-REPUBLICAN
Larry Kudlow, in covering senator Craig's recent behavior, did so under a title of "Craig's List" on his program the other night.
Wasn't it the embattled Speaker Dennis Hastert who setup the tip line to gather dirt on any member's ill repute last summer in the wake of the Marc Foley follies? Didn't they get any of the Craig's List info Larry Kudlow aired the other night? Must've not been a very accurate tip line.
We need a well financed independent candidate for president in 2008 like never before
Bloomberg?
Paul?
Hagel?
Anyone?
The two political parties are hated. Congress has lower approval ratings than Bush (now that's hard to do). Americans are sick of our leaders, and the vast majority believe we're on the wrong track.
Someone should be able to easily emerge from this morass. No, not a hitler-like dude. Someone who'll do what's right for the country. Someone not beholden to the corrupted parties and system.
angry.
RON PAUL
I'm a Republican, but hopefully awake also.
Aside from all the W f'ups and still to be determineds, Ron Paul the deal. Never thought I'd see someone who could explain the libertarian cause in a way that people could understand and relate to. After watching the Ron Paul interview at Google (his visit to google), I got to admit, the guy's awesome.
Larry Craig learning how to win friends and influence people from George Michael.
Blow the asshole out of the senate, and we're done with him.
Predictably this becomes a 'but what about Bill Clinton' crap session. Republicans shouldn't go this route. Just get rid of this loser.
Used to be a libertarian Republican, but having finally woken up, the same libertarian impulses lead me to be a Democrat. I've never liked the "social conservatives" - there is nothing Libertarian about these small-minded, frightenend sheeple (I live and grew up in the Bible Belt - Liberty "University" is only 40 minutes from my house - these people are my neighbors, I know well whereof I speak). For sure, the nanny state notion of an idiotic "War On Drugs" certainly struck me as the ultimate in damaging folly. However, I'd always felt that GOP rhetoric on economic issues just 'felt right' and 'rung true'.
Interesting, after I'd made my first big pile of cash, that changed. The libertarian impluse seems to me to come from the desire to have a meritocratic system where the individual can rise or fall without significant structural impediments - we do no better under a GOP 'system' (and Ron Paul's notions of tax policy fit this to a tee) structured to help maintain the hegemony of an Economic Aristocracy (and seriously, would "W" ever have risen much above a McD's regional manager-ship on his own?) than we do with a moronic "War On Poverty" which subsidizes the maintenance of a failed sub-class/culture. In truth, the latter type of welfare is less expensive and a better 'investment' in the overall society than the corporate welfare that is 'privatizing government'.
It's true that the top ten percent of Mexicans have a very nice life...but unless you're born into that top ten percent, good luck. Do you really want to live in a country like that? It seems to me that the GOP's "Libertarian" rhetoric is nothing more than an intellectual fig leaf for policy preferences designed to reward and protect the already-haves. Democratic rhetoric, though it tends to sound re-distributionist, is in practice a good bit more libertarian.
Lemme just point out (ObBlog): who, at the local level, does REIC elect in order to obtain short-term, REIC friendly policies? Democrats? Please! GOP 'libertarianism' is nothing more than 'eliminate any and all rules that will interfere with me making a quick buck, to hell with the consequences two days from now' - what do you really think "shrink it until it can be drowned in the bathtub" is really all about?
The Lockean social contract asserts that we do give up some liberties in order to have other guarantees - we give up the right to be loan sharks, predatory lenders and shills (REIC) in exchange for the protection from such people. Pure Libertarianism is simply Locke's 'state of nature' and effectively the "law of the jungle". The difference is that Lions and Tigers don't have trust accounts, so if the genes are crap by the third generation, they get killed or eaten. They do not get to be president.
Forgot to answer Keith's question:
Bloomberg - originally a moderate (sane) Democrat who left to escape the BS part of the party machinery in NY (ie, Dinkins).
Keith, Amen Bro! It's about time everyone figures out that it's the elites of this world against the rest of us. They can give a rat's ass concerning any of us so long as they get theirs.
Why doesn't anyone realize the ramifications of all the corrupt and/or gay congressmen? Bush has been spying secretly on everyone since before 9/11. He had to know about all of these indiscretions. Therefore all of these people could have be blackmailed by this administration!
HEY KEITH, WHERE IS THE ARTICLE ON HILLARY PROMISING THE BAILOUT!
I switched my party affiliation from independent to republican so I can vote for Ron Paul.
E) anti-hillary
Fed up with gay issues being the centerpiece of campaigns.
will vote Ron Paul
was a Dem.
then was a Rep.
NOW i'm AWAKE>>>
RON PAUL 2008
G.O.P.
Gay. Overdosed. Podophiles.
"We need a well financed independent candidate for president in 2008 like never before" - Keith
Doesn't seem to matter. It didn't do any good for us in California: www.arnoldwatch.org
Ten Republicans (counting Fred Thompson) and eight Democrats are running for president. Only four of these eighteen had the wisdom and courage to oppose the invasion of Iraq beforehand.
Of these four, only Obama is electable.
I like Ron Paul, and you have to respect the guy. He can't win. He can't even get the nomination. I like some of the other Dems also, but they bought GWB's baloney.
I don't know if Obama understands the financial system as well as he needs to, but he is the best choice available. I think Bloomberg would be a very good president, but a third party candidacy is not viable this time. Bloomberg would probably like to be president, but he won't run unless he thinks he has a realistic shot at winning.
*
What about that ------ from Louisiana William Jefferson!
The Cold Cash Man!
From that top photo, The 'Honorable' Senator from Nevada looks like he needs a little more fiber in his diet!
What an Assh*le
I don't remember that Sh*thead Ted 'The swimmer' Kennedy being asked to step down for murder, do you?
was a dem.
now am awake.
i dont know what to think of the upcoming election. i have to grudgingly disagree with the earlier poster that of the 4 candidates current that are financially aware, only obama is electable. Huckabee seems to be electable.
We need an independent now.
Awake
RON PAUL 2008
Former Democrat
Now, Anti-DC politician, regardless of party. Throw all the bums out.
"Amen Bro! It's about time everyone figures out that it's the elites of this world against the rest of us."
Hmmm, by elites you probably mean wealthy people who wield some influence in government. They have been around since the dawn of civilization so what makes you think anything will change in your lifetime?
And before you get out the rope and start hanging them, think about this:
1) In the U.S., the top 5% pay 57% of federal income taxes
http://tinyurl.com/2j6spu
2) The "elites" create 3 out of 4 new jobs
3) The top scientists, doctors, and entrepreneurs are in this category.
4) The top 1% (they pay 23% of income taxes) can live anywhere they choose.
So go ahead and piss them off. They will leave this country and take their ball with them. The IRS will make up the loss by doubling taxes on the remaining 95%.
Smooth move X-Lax
Anonymous said...
was a Dem.
then was a Rep.
NOW i'm AWAKE>>>
RON PAUL 2008
August 30, 2007 3:42 PM
Many of us fall into this same category. Ron Paul is our best hope to stop the madness.
Awake, bro.
C all day long. To be a member of any political party in this country means you are simply a lemming and above all else, a MORON. There is no other answer. 'So I can vote in primaries' is always my favorite reason. Comical.
btw, if Hillary gets the nod, I am voting for her simply because all of you lemmings deserve it.
banker on crack said...
4) The top 1% (they pay 23% of income taxes) can live anywhere they choose.
So go ahead and piss them off. They will leave this country and take their ball with them. The IRS will make up the loss by doubling taxes on the remaining 95%.
Smooth move X-Lax
Except that the marginal tax rates here are pretty low compared to most places 'offshore' that they'd like to live. Nevermind that moving the money offshore is much harder these days. Many do go to Switzerland already though.
The thing is, we just need to tax their ability to move the money itself in and out of the US. If they want access to our markets, the money must come here...regardless of whether or not they 'live here'. Even Bush had to close the Tyco offshore loophole.
Yours is a far too simplistic analysis of gaming the tax system. The top 1% already have their money spread globally - they certainly aren't using us dollars as a reserve currency.
Nice bit of GOP rhetoric though.
I'm a believer in the power of the individual.
Ron Paul 2008!
Montpellier said...
"The thing is, we just need to tax their ability to move the money itself in and out of the US. If they want access to our markets, the money must come here...regardless of whether or not they 'live here'.
...
Yours is a far too simplistic analysis of gaming the tax system. The top 1% already have their money spread globally - they certainly aren't using us dollars as a reserve currency."
Do you have any idea what a tax on the "ability to move the money" would do to this economy? Anyone considering this as a solution to the current mess does not understand investment finance.
So what currency are they using if not the USD? Statements like yours are not even wrong - they're just empty rhetoric. The wealthy and privileged are easy targets for those playing class warfare games. The truth is that if even 5% of them (about 60,000 people) emigrate from the U.S. it would send our economy into a tailspin. In terms of economic impact, one Bloomberg = about 50K of Joe Sixpack. Not very egalitarian, but true.
Keith, you say all politicians are worthless, aren't you over-generalizing? We have a messed up political system but that doesn't mean they are all incompetent and corrupt. Everyone needs to voice their opinion on their elected officials at the ballot box, and you happen to have an incumbent that really sucks and can't wait for an election then take it to protest. But in my opinion, we have some good politicians trying real hard who deserve our support.
D) anti-republican too.
Awake for years glad to see a few friendly faces.
MY GOD! How did Craig learn the code moves for bathroom sex at airports?!?
That guilty plea might be a problem, senator. And the arresting cop doesn't sound like a dimwit either.
LC: I admit I put my hand down.
DK: You put your hand and rubbed it on the bottom of the stall with your left hand.
LC: No. Wait a moment.
DK: And I, I’m not dumb, you can say I don’t recall…
LC: If I had turned sideways, that was the only way I could get my left hand over there.
DK: it’s not that hard for me to reach. (inaudible) it’s not that hard. I see it happen everyday out here now.
LC: (inaudible) you do. All right.
DK: I just, I just, I guess, I guess I’m gonna say I’m just disappointed in you sir. I’m just really am. I expect this from the guy that we get out of the hood. I mean, people vote for you.
LC: I’m a respectable person and I don’t do these kinds of…
DK: And (inaudible) respect right now though
LC: But I didn’t use my left hand.
DK I thought that you…
LC: I reached down with my right hand like this to pick up a piece of paper.
DK: Was your gold ring on your right hand at anytime today.
LC: Of course not, try to get it off, look at it.
DK: Okay. Then it was your left hand, I saw it with my own eyes.
LC: All right, you saw something that didn’t happen.
DK: Embarrassing, embarrassing. No wonder why we’re going down the tubes. Anything to add?
NN Uh, no
DK: Embarrassing.
http://thecaucus.blogs.nytimes.com/2007/08/30/the-craig-tape/
You must be an idiot if you vote for Republican. You must be a complete moron if you vote Democrat. So, what's left?
AWAKE and INDEPENDENT
The hell with both parties!
These corrupt parties are like cults, its hard to believe people blindly follow these two religions so faithfully without thinking for themselves.
4) The top 1% (they pay 23% of income taxes) can live anywhere they choose.
The top 1% also owns 33.4% of the net worth of the country and 39.7% of the financial wealth, yet they pay only 23% of the taxes?????
You can see the wealth charts here:
http://tinyurl.com/y6zst6
Neither repub nor dem nor libertarian nor green nor any of these creepy collectives ... I'm a "radical for capitalism" ... the free market liberates and provides opportunity for everyone. Overthrow (peacefully at the ballot box) the current gov - throw all the bums out (including Ron Paul).
Banker on Crack Said...
Do you have any idea what a tax on the "ability to move the money" would do to this economy? Anyone considering this as a solution to the current mess does not understand investment finance.
I most certainly do...and I understand and practice the carry trade. There is absolutely no reason we shouldn't be able to tax earnings inside the United States...I don't care what your country of residence or your
So what currency are they using if not the USD?
Heh...multiple currencies, but if you've got any sense, you've been hiding in Euros for a while...the USD has been a good short for a while now, though, now that it's starting to really creep down, that's coming to an end.
Statements like yours are not even wrong - they're just empty rhetoric. The wealthy and privileged are easy targets for those playing class warfare games.
Pot? Meet Kettle! Dude..."class warfare" has been a lame slogan since the 30s - talk about empty rhetoric. Mitesh's link points to some excellent simple data which is the prima facia case for the existence of an Economic Aristocracy in this country. And, of course the statement's not factually wrong - I guess you don't even want to tackle that one on the merits.
The truth is that if even 5% of them (about 60,000 people) emigrate from the U.S. it would send our economy into a tailspin. In terms of economic impact, one Bloomberg = about 50K of Joe Sixpack. Not very egalitarian, but true.
No, it would not...the truth is, that those people make their money, as does the entire world, by having access to Joe Sixpack - the American Consumer. The end of the HELOC ATM, the focus of this blog, will spell the end of Joe Sixpack as an economic engine, for quite a while. Remove Joe Sixpack, and all those equity valuations grounded on future earnings will vanish. I do agree with you: it's not very egalitarian that the distributions of the earnings in our country are so inequitable.
Again: where will they emigrate? When UK, at the peak of Socialism in the '70s, with something like a 90% marginal tax rate, finally forced a handful of tax refugees out. Sweden did the same - that was at truly confiscatory rates. The vast majority of the top ten percent pay only 15% on the vast majority of their unsheltered earnings (and goodness knows, most are very well sheltered already) - that could easily be increased to the nominal 28% for Joe Sixpack, and you still wouldn't have a mass flight of the wealthy to tax havens.
We are about to finally reap the harvest of twenty five years of "trickle down" economics - the results of the laughable Laffer curves - by discovering our 'service economy' is a hollow, rotted-out mess. Without a consumer - the "Henry Ford" economy - there will be nowhere for the investor class to earn. This debate reminds me of Keith arguing with Greg Swann - the mold is already set, and we will start feeling the real pinch in the very near term. We will find out who's right.
Geez, thanks Keith for catching me by surprise with those pictures. I went straight to the shower to wash myself with alcohol after seeing those devil foot soldiers.
Always been Independent and voting for Ron Paul this time. Wanted to vote for Gore, though.
It doesn't matter Keith because the shadow group (secret society) that controls the government, arms, military, and the financial world will elect another one of their members.
It's all rigged.
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